Otto Marine sells AHTS for $100 million

Otto Marine Limited says that its shipyard has, through one of the Company’s wholly-owned subsidiaries sold an Anchor Handling Tug Supply Vessel, (the “Vessel”), to a renowned unrelated third party (the “Buyer”) for US$100 million.

The Vessel is currently under construction at the Company’s shipyard in Batam, Indonesia and will be handed over to the Buyer following the completion of legal documentation and a final inspection.

Upon the completion of the Vessel, the Vessel would be chartered by the Company’s subsidiary, GO Offshore (L) Private Limited, for a period of 8 years.

Save as disclosed above, none of the directors or controlling shareholders of the Company has any interest, whether direct or indirect, in the above transactions other than through their shareholdings in the Company.

The transaction above is expected to have a positive impact on the consolidated net tangible assets per share and earnings per share of the Group for the financial year ending 31 December 2014.

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